So a fork just means that somebody is going to make a copy of the blockchain, using all of its rules and history and start building on the copy, while the original continues as usual.
All of the information, including our accounts, balances etc will be copied onto the new chain, so if you own 100 steem, you'll still own 100 steem, but you'll also own 100 vice.
The guys making the copy could be a huge organisation, with lots of backing and experts, or it might be a couple of guys in a garage, trying to make themselves sound impressive; so it may be massive, and it may be tiny. Only time will tell.
If you don't want to have anything to do with supporting porn, you'll be able to sell or giveaway the vice you get; although best to wait a couple of days for the forks to separate properly.
There's no reason to assume steem will lose value. It will probably gain in the next couple of weeks as people buy it up in order to get the equivalent free vice.
The only advice I could suggest is to enjoy any rise in the price over the next couple of weeks, and if the price drops a bit afterward, don't be concerned; it was just people moving into steem briefly, then pulling back out after getting their vice.Hi @fitinfun :)
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I'm trying to keep my mind off everything but creating content. So basically the outside market (world) will determine the value of the two entities after the fork? And they will not be connected - so selling one has no effect on the other?
I still need a wallet outside of here at steemit! Right now - head down - keep posting lol. All the papers and forking and curation % changing? Whatever. I'm just trying to keep posting. I trust I will get the news from you smart guys and then try to process it then.
I do know that you buy the rumor and sell the news. But honestly, I came here to post content and the money is a gift. I am trying not to count unhatched chickens, but I do have a big payout day today, so I am happy to keep going.
Correct...after the fork, they are two distinct token...like bitcoin and bitcoin cash are totally separate today. Sell one, sell both, keep both...one is not dependent upon the other.
Just a speculation; but, how long would you say before we can buy other alt coins directly from Steem Wallet?
Peace
A year from now, your friends will be coming to you for advice about all this stuff, and you will have absorbed more of it than you realise :)
Where do you think us 'smart guys' came from?
We're just yesterdays noobs.
It took me a week to become a crypto expert and since then, I am spending all my time trying to figure out what is going on.
lol - I hope you are right. My brain has been fried since I got here in June :)
I opened an exodus wallet - not endorsing it, as I am sure you are more savvy than me on this - just saying - it was easy- and now have some litecoins in it..
If nothing else, this will get steem some publicity.
I guess they decided to fork instead of using SMTs on top of the steem blockchain.
Well, that would be cleaner, right?
I dont know what you mean by cleaner?
Well, me either, but if something is "forked" away, it would not be taking the resources of the blockchain and so would let it run better?? We are way over my technical head right now. I will just wait to wake up one day to a whole new steemit world :)
A fork is like a fork in the road...the road to the right isnt necessarily better than the original road that went to the left.
Forking is basically copying the blockchain up to the point of the fork then taking it and splitting it in two...the original keeps going as always while the new one goes off in its directions. Now is the new fork an improvement or not? That depends upon the people involved and what their plan and implementation is . Sometimes it is, sometimes it isnt.
We still dont have an answer with bitcoin and bitcoin cash. Those who blockchains are now running without a clear cut answer if bch really solved bitcoin's problems.